Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 112,485	$ 103,845
Short-term investments	112,907	165,168
Prepaid expenses and other current assets	3,521	2,757
Total current assets	228,913	271,770
Property and equipment, net	11,734	12,792
Operating lease right-of-use assets	2,263	2,648
Finance lease right-of-use assets	8	22
Restricted cash	339	339
Other non-current assets	1,107	1,033
Total assets	244,364	288,604
Current liabilities:
Accounts payable	3,294	1,953
Accrued expenses and other current liabilities	15,185	10,756
Operating lease liabilities, current	3,021	3,050
Finance lease liabilities, current	5	14
Contingent value rights liability, current	0	638
Total current liabilities	21,505	16,411
Operating lease liabilities, non-current	5,316	6,822
Finance lease liabilities, non-current	3	5
Contingent value rights liability, non-current	407	428
Other liabilities	0	51
Total liabilities	27,231	23,717
Commitments and contingencies - Note 9
Stockholders' equity:
Preferred stock, $0.000001 par value; 50,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.000001 par value; 450,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 15,830,504 and 15,489,800 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	635,204	617,536
Accumulated deficit	(418,071)	(352,649)
Total stockholders' equity	217,133	264,887
Total liabilities and stockholders' equity	$ 244,364	$ 288,604

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).